Accounts - Principles of Accounts Past QuestionsQuestion 351:Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140 What is the networking capital? A. N90m B. N70m C. N100m D. N80m Question 352:The concise statement used to explain entries in the general journal is known as? A. Narration B. Summary C. Information D. Commentary Question 353:In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover? A. Carriage outwards B. Carriage inwards C. Discounts received D. Returns outwards Question 354:The gross profit on manufactured goods is the difference between the cost of goods manufactured and the? A. Market value of goods produced B. Prime cost of production C. Indirect cost of production D. Goods produced Question 355:Use the information below to answer question Stock of raw materials (1st January) N3000 Direct wages N2500 Direct expenses N1000 Factory overheads N2000 Cost of raw materials used N5500 Stock of finished goods (31st December) N2000 Determine the prime cost? A. N7500 B. N6500 C. N9000 D. N8000 |
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